ichltd. >> jamie: this week on the journal, editorial report. president obama and the democrats ab we'll be exactly what would a second obama term look like. we've got some ideas and with the conventions behinds us, the real fun begins, where the candidates stand as we head into the fall campaign. >> i'm asking you to rally around a set of goals, education, manufacturing

national security and the deficit. reasonable plans that will lead to new jobs and we bring this economy on a stronger foundation. that's what we can do in the next four years and that's why i'm running for a second term as president of the united states. . >> paul: welcome to the journal editorial report. i'm paul gigot, that was president barack obama making his case in charlotte, north carolina for a second term in the white house. with another disappointing jobs report released just hours after his speaking, and unemployment above 8% for the 43rd month in a row, did the president get the job done? joining the panel this week, wall street journal columnist den henninger. jason riley, editor james freeman and washington columnist kim strassel. jason, let's start with you. how effective was the president's case for reelection? >> i don't think it was very

effective. i thought was a pretty-- a performance last night typical liberal change, shared responsibility, but i think it was more significant for what he didn't talk about, paul. obamacare, not a lot on jobs, not a lot on the stimulus. these are that defined his presidency and not using them to make the case for his reelection. >> paul: he didn't defend some of the core programs in an elaborate way for his first term. what is the case for reelection. what did he say, why should we elect him again? >> things could have been worse, but for me-- >> okay. and for the next four years, it could have been worse, is that the-- >> you have to ignore the first term, basically of the obama administration. there's a cons standpoint look to the future saying things are going to be better, but i thought it was interesting, it

seemed to be narrowly targeted messages to interest groups and i think for a worker who doesn't make either solar panels or cars, you're wondering what's in it for me. it's specifically targeted to the specific industry where you like the favor. >> kim, were there any real policy differences from the first term that he offered here in the speech? i kept listening for them. was there anything? >> not a one. we were waiting, we were waiting and there wasn't anything. look, i think what's important here, the obama campaign did what they think they need to do. >> what was that? >> and which were two things, one was making the argument that the problems we have were a result of the republican policies and if you allege mitt romney, you go back to that and two, to make the arguments to go out there and try to gin up enthusiasm among the very specific sub groups of voters. women, hispanics and youth vote. that's the strategy to go ahead and i think could you argue the lack of specifics in a second term maybe was lacking, didn't help him with

independents and some of those voters, but that's what they set out to do and they think they did it. >> now, paul, for all that. friday morning unemployment report was a reality check for that convention, and a splash of cold water. he's the president of the united states and next day he wakes up 368,000 more people have given up looking for work in addition to the other hundreds of thousands that have given up. that's a complete contradiction to the whole mood of this convention and turned the corner and give me two more years, we're on the right track. those numbers are not on the right track and that's the reality of the american people have in their heads as they go into this. >> i agree with you on that, labor force participation rate, the low s since 1981, 65.3%. if that's the reality you're dealing with, jason, the case is, if we only do more of the same, then things will turn the corner, and we make progress, we'll turn the corner and if that persuades them-- >> perhaps. the question, to get back to

what kim said, those arguments were made at the convention, obama didn't make them in his speech, but they were made by others and the question is, is that good enough or do people need to hear it from the president. but i think particularly in the case about, you know, i was-- i inherited this mess and clinton of course, makes the point strongest, i inherited a mess and haven't had enough time to clean it up and that's the case that romney is making for firing the clin-- clinton said that's holding obama to i am impossibly high standard. >> paul: and i want to listen to elizabeth warren at the convention. >> people feel like the system is rigged against them and here is the painful part. they're right. the system is rigged. look around. oil companies guzzle down

billions in profits, billionaires pay lower tax rates than their secretaries and wall street the same ones who wrecked our economy and destroyed millions of jobs still strut around congress, no shame, demanding favors, and acting like we should thank them. >> paul: so, kim, raw economic populism. who is that message aimed at, what voter groups? >> it's aimed at independents in particular and this was a very prominent theme at this convention and it goes to one of mr. romney's greatest challenges, is the democrats day in and day out are attempt to go rewrite history and talk about, argue that it's the system and business in particular that got us into the economic mess we're in. romney hasn't necessarily dressed that so far and that's one of the things he's going to have to do. >> how can you run against the system you've been in charge of for four years. >> and also, i think the most

important line in obama's speech, not as shrill a tone as lelizabeth warren, but along the lines of business, tried the bold experimenttation that franklin roosevelt pursued in the 1930's, i have no idea how this line could get into a speech. not something to appeal to independents, but it's a message that to the extent business is focused on it, it's going to be very scary, and creating uncertainty and we're going to get more of this for the jobs report. >> how should romney respond to the argument that bill clinton made that nobody could clean up this mess in four years. >> he should respond to that, we came out of the recession in 2009 and should have had a higher growth rate than 4%, not much better than 2%. 1. 1.5 in the last quarter and 8% unemployment for 43 months, you cannot split a president, a president for four years, from that economic record, it's impossible. >> paul: so you have to link it to obama's policies.

we've got more to talk about. he's made his case for four more years, do we really know what a second term would look like? the obama agenda part two next. dry mouth may start off as an irritant. it'll cause cavities, bad breath. patients will try and deal with it by drinking water. water will work for a few seconds but if you're not drinking it, it's going to get dry again. i recommend biotene. all the biotene products like the oral rinse...the sprays have enzymes in them. the whole formulation just works very well. it leaves the mouth feeling fresh. if i'm happy with the results and my patients are happy with the results, i don't need to look any farther.

ichltd. >> jamie: >> they want your vote, but they don't want you to know their plan because all they have to offer is the same they've had for the last 30 years. have a surplus, try a tax cut. deficit too high. try another. feel a cold coming on, take two tax cuts, roll back some regulations and call us in the morning. >> paul: that was the president's take thursday night on the g.o.p. agenda and what a romney-ryan administration might look like. so, what might a second obama

term bring, dan, what did we learn about the second term agenda? >> nothing, nothing whatsoever. >> paul: really? did he say more of the same only a little less? >> more of the same, okay, let's -- in the economic realm, more of the same would be another 800 billion dollar stimulus because the keynesian stimulus is the only economic idea they have under these circumstances. >> paul: hire more teachers. >> hire more teachers, spend more money. that would be very difficult to get through congress and i think on the other side of what he will not talk about is the second term of what will be an unprecedented exercise of executive authority in power. 's going to use the agencies to get, finish his agenda. 's going to use the environmental protection agency, the independence review board on medical care and the consumer protection agency to regulate financial industry. i think this president's done with congress. >> jason? >> and he's going to your point about the stimulus, the stimulus that he wants. he's going to need more to pay for that, a massive bush tax

hike. a massive bush, he wants a new normal for government spending in the country and he wants, obviously, the complete enactment of obamacare and maybe require more government spending and going forward at a higher level. >> and his argument,'s been saying in the interview, if you reelect me, the republicans will be chasened and no choice, but a grand budget bargain on my term, big tax increase and fiddling on the edge of entilements and major defense cuts. is that what we're likely to see if he does win? >> i think that the voters, for the american taxpayers, the pressure for a tax increase will become more intense because the interest rates are likely to rise and the government is going to be even more, be under great pressure to come in with more revenue to pay the bills, and so, i think what you're going to see is intense pressure from the tax increase, but sort of like the movie the producers, if he ever actually got his buffet rule, people

would find out how little of government it would pay for and i think that's a problem for him in the second term. he actually succeeds. >> what about the partisanship question, kim. remember the president said he would be able to deal with republicans in the second-- in the first term and he thought that could calm, the nastiness in politics and that certainly hasn't happened. do we have any reason to believe that his reelection would lead to less fierce, nasty, ugly partisanship? >> no, i mean, here is the thing that nobody wants to confront is barack obama's reelected, the chances are that washington is going to be configured very much the way it is right now, are very high. the republicans are likely to keep the house, they might gain a seat or two in the senate. might even win the senate, but whatever happens they're going to call it a split decision by the voters and say we have as much backing out there in the country to continue what we've been pushing as you. so, this is a rescue for mr. gridlock and brinksmanship

than the tax hikes issues. >> what about education and immigration reform. those are things where the republicans and democrats do see some common ground and i stress immigration reform at all in the speech and talk about education, any hope for movement on that ground, jason? >> i'm -- on immigration, yes, but of the type of immigration reform that i don't think republicans want to see, which is more executive order, decision, doing what he can from the white house, around congress. >> and he's poised for the wealth and by doing that, the republicans-- >> and the biggest chapter for some promise might come from education, where he is pushed for charter schools and i think you can-- see him continue to do that. i think that might be one area where you might see some progress. >> i think if you were listening to joe biden and if was telling the truth, expect no compromise. he says barack obama does not back down. so i think we could expect

more of the same judging by what the vice-president is telling. >> he's going to push for an even larger tax increase, more revenue, don't back down? >> that would-- >> well, advisors to the obama campaign told a journal reporter earlier this week, tried bipartisanship in 2011, won't make that mistake again. >> paul: okay, fine. when we come back good for journalism, maybe not for the country, but journalism. with the conventions behind us, the real race begins. a look where the two

>> with the conventions behind us, attention now turns to the race ahead. the latest from real clear politics poll average has the two presidential candidates in a dead heat.

so, the democrats will be a big bump out of charlotte or is mitt romney in striking distance of president obama as the final stretch again. so, kim, hold tight right now after the republican convention, and what about after the democratic convention, is obama going to get a bump in the lead. he's going to get a little bump. i think he will. this convention actually went up well and reach the people that hadn't been out there. and i think the bigger story what you mentioned in the open, what you've seen over the last month is a steady erosion of his lead over president obama, pretty much ever since president obama chose paul ryan and they had their own convention, we start this two month election season in a dead heat and the prompts are probably going to be pretty close to each other for the forseeable future. >> paul: that puts the premium on the debates. but a challenger less well-known than the president is running, he's got to make the case to look presidential in the debates and

particularly on foreign policy issues, look in command and one thing obama will do, he will project confidence and he'll play off his experience. >> yeah, but romney seems to have the edge among a lot of voters on foreign policy, but i think it's actually on the economics where the task for romney is clear, he basically has to explain how his plan will grow the economy and jobs and has to puncture this obama myth that his policies are somehow ones of the bush administration. >> paul: and that means tax reform in particular. obama really did, we heard in the clip earlier, really did go after romney on taxes. >> yeah. >> paul: and said this is what they try and only help the rich. romney has to explain why that reform actually helps the middle class. >> thank heavens obama did that. romney has to step up to the plate. i tell you, i think the table has been set for a romney victory. tell you why, barack obama's approve/disapprove has been

48, 48. >> or lower. >> he's basically flat-lined. nothing in the debate suggested it would raise. and nothing in the convention suggested he's going to do that and now up to mitt romney to make the case for the 2%. >> and what vulnerabilities if the democrats for romney, he has to address. >> i think touch on foreign policy. >> paul: really? >> i think that something the at the democratic convention successfully did, the tributes to the troops were quite moving and quite effective and i think that obama does want to talk about foreign policy. and i ended the war in iraq, bringing home the troops in afghanistan, i killed bin laden, and he says throw that-- >> how does romney do that, sounding presidential and sounding confident on the issue? and doesn't want to debate on afghanistan. >> no, he doesn't. the fact of the matter is, the war is somewhat unpopular even on the right. so, it's a challenge for

romney. and foreign policy, and of course, being a governor, and his life story has not brought about a lot of foreign policy experience and he's made some gaffes. >> paul: jim, if you-- talk to the strategists, and their advantage they say always comes down to the electoral college and romney simply has to win too many states that obamacare i had in 2008. he basically has to do an inside straight to carry the states. right now, the only romney-- the only obama states from 2008 that romney is ahead in, is indiana, which he probably put away and north carolina, but florida, ohio, virginia, the rest, got a slight obama lead. what does it say about dan's point that it's a setup for a romney victory. >> i think that, one of the other things that you saw over the last month though again is a steady erosion of the obama lead in some of the swing states. so they're now poised to actually do well if they continue to make the case that everyone's been talking about in some of those states. but they have to do exactly what james said.

they've got to go out and explain tax report and can't drop these other things on medicare and entitlement reform. they were beat up again on that and the democratic convention and they're going to have to continue to fight them on that. >> and one thing romney has to do, but bill clinton did for barack obama is explain some of the issues. and just matter of fact, factual point to take some of the fear out of it and explain in ways that people understand. >> that's what i'm suggesting. it's not complicated. mitt romney is asalesman. mitt, go out and sell your presidency. >> the other good thing coming out of this convention, the democrats obviously don't have any new material on bain. they brought up a few old examples of companies that were basically on their way to failing before bain capital bought them. not any new material here. i think if you think of the american people ready to fire obama, this was not a good week for obama in terms of

making romney unacceptable. >> paul: and changed and-- well, sorry, we've got to go. we have to take one more break. when we come back, our hits and misses of the week.

>> time now for hits and misses. week. >> this is a miss for the michigan supreme court, this week over the okays of governor rick snyder, put a union-promoted initiative on the november ballot that ostensibly enshrines the right to collective bargaining in the constitution. the problem with in is it's a broad and restricts the state to do anything any reform to rein in public sector costs and this is the latest background out of the reforms from wisconsin and people better start paying attention. >> paul: thank you, james. >> this is a miss for attorney general eric schneiderman, two months before an election, decide today launch an

investigation of bain capital. how is that? >> it's discretion. >> the highest in the new york state is going to smear the presidential rival in the middle of an election. >> paul: and-- >> the timing is curious. >> paul: yes. >> the end of the two conventions a hit by drawing attention to the 92-year-old kentucky farmer and world war ii gentleman, gunned down a burglar in the home this past week and has no regrets and a national hero for bravery and protecting himself. as clint eastwood might say, you've got to be asking yourself would a rugged individual like him be invite today the republican national convention or the democratic national convention. >> and the question is, why did this investigation leak at this time. you're not supposed leak that you're investigating someone before they're